SPXV vs. SPXL

Last updated Jul 17, 2026

SPXV (ProShares S&P 500 Ex-Health Care ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - SPXV is a S&P 500 fund tracking the S&P 500 Ex-Health Care Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SPXV returned 16.23%/yr vs 28.72%/yr for SPXL. Their correlation of 0.83 suggests significant overlap in exposure. SPXV charges 0.09%/yr vs 0.84%/yr for SPXL.

Performance

SPXV vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Health Care ETF (SPXV) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXV achieves a 10.97% return, which is significantly lower than SPXL's 24.85% return. Over the past 10 years, SPXV has underperformed SPXL with an annualized return of 16.23%, while SPXL has yielded a comparatively higher 28.72% annualized return.

SPXV

• 1D: -0.81%
• 1M: -0.33%
• 6M: 9.57%
• YTD: 10.97%
• 1Y: 21.33%
• 3Y*: 21.41%
• 5Y*: 14.09%
• 10Y*: 16.23%

SPXL

• 1D: -1.60%
• 1M: -0.19%
• 6M: 19.87%
• YTD: 24.85%
• 1Y: 55.18%
• 3Y*: 44.11%
• 5Y*: 21.24%
• 10Y*: 28.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXV vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXV ProShares S&P 500 Ex-Health Care ETF	10.97%	18.40%	28.02%	30.71%	-20.47%	28.37%	18.99%	33.58%	-3.81%	17.01%
SPXL Direxion Daily S&P 500 Bull 3X ETF	24.85%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	71.03%

Correlation

The correlation between SPXV and SPXL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015	0.83

The correlation between SPXV and SPXL shifts across timeframes, from 0.83 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.

SPXV vs. SPXL - Sectors Allocation Comparison

Sectors	SPXV	SPXL
Technology	42.6%	39.0%
Financial Services	12.1%	11.1%
Communication Services	11.6%	10.6%
Consumer Cyclical	10.8%	9.9%
Industrials	8.5%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.4%	3.1%
Utilities	2.3%	2.1%
Real Estate	2.0%	1.8%
Basic Materials	1.8%	1.7%
Healthcare	-	8.3%

Return for Risk

SPXV vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXV

SPXV Risk / Return Rank: 60
SPXV Sharpe Ratio Rank: 60
SPXV Sortino Ratio Rank: 57
SPXV Omega Ratio Rank: 57
SPXV Calmar Ratio Rank: 58
SPXV Martin Ratio Rank: 66

SPXL

SPXL Risk / Return Rank: 52
SPXL Sharpe Ratio Rank: 53
SPXL Sortino Ratio Rank: 48
SPXL Omega Ratio Rank: 49
SPXL Calmar Ratio Rank: 50
SPXL Martin Ratio Rank: 58

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXV vs. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Health Care ETF (SPXV) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPXV	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.47	+0.13
Sortino ratio: Return per unit of downside risk	2.21	1.97	+0.24
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.34	2.07	+0.27
Martin ratio: Return relative to average drawdown	9.39	8.18	+1.22

SPXV vs. SPXL - Sharpe Ratio Comparison

The current SPXV Sharpe Ratio is 1.60, which is comparable to the SPXL Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SPXV and SPXL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXV vs. SPXL - Drawdown Comparison

The maximum SPXV drawdown since its inception was -34.34%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for SPXV and SPXL.

Drawdown Indicators

	SPXV	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-34.34%	-76.86%	+42.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.15%	-26.77%	+17.62%
Max Drawdown (3Y) Largest decline over 3 years	-19.89%	-48.95%	+29.06%
Max Drawdown (5Y) Largest decline over 5 years	-26.58%	-63.80%	+37.22%
Max Drawdown (10Y) Largest decline over 10 years	-34.34%	-76.86%	+42.52%
Current Drawdown Current decline from peak	-1.98%	-4.60%	+2.62%
Average Drawdown Average peak-to-trough decline	-4.50%	-16.06%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.28%	6.77%	-4.49%

Volatility

SPXV vs. SPXL - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Health Care ETF (SPXV) is 3.75%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 10.79%. This indicates that SPXV experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXV	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	10.79%	-7.04%
Volatility (6M) Calculated over the trailing 6-month period	10.71%	30.09%	-19.38%
Volatility (1Y) Calculated over the trailing 1-year period	13.40%	37.68%	-24.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.90%	50.59%	-32.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	53.38%	-35.29%

SPXV vs. SPXL - Expense Ratio Comparison

SPXV has a 0.09% expense ratio, which is lower than SPXL's 0.84% expense ratio.

Dividends

SPXV vs. SPXL - Dividend Comparison

SPXV's dividend yield for the trailing twelve months is around 0.93%, more than SPXL's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%	0.00%	0.00%
SPXV ProShares S&P 500 Ex-Health Care ETF	0.93%	0.97%	1.12%	1.27%	1.67%	1.11%	1.45%	1.58%	1.89%	1.57%	2.66%	0.56%

Frequently Asked Questions

Can I hold both SPXV and SPXL in my portfolio?

With a correlation of 0.98, SPXV and SPXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPXV or SPXL?

SPXL has higher volatility (10.79%) compared to SPXV (3.75%). In terms of maximum drawdown, SPXV dropped -34.34% vs SPXL's -76.86%.

Which ETF is better, SPXV or SPXL?

On 10-year performance, SPXL leads with 28.72% vs 16.23% for SPXV. On fees, SPXV is cheaper at 0.09% per year. On volatility, SPXV has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXV or SPXL?

Over the 10-year period, SPXL has performed better with a 28.72% return vs 16.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXV or SPXL?

SPXV is cheaper with a 0.09% expense ratio, compared with 0.84% for SPXL.

Which ETF pays a higher dividend yield, SPXV or SPXL?

SPXV has the higher dividend yield at 0.93%, compared with 0.52% for SPXL.

What is the main difference between SPXV and SPXL?

SPXV is categorized as S&P 500, while SPXL is Leveraged Equities. SPXV tracks S&P 500 Ex-Health Care Index, while SPXL tracks S&P 500. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.09% for SPXV and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXV currently has the higher Sharpe Ratio (1.60 vs 1.47), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.